THY (BOL ) 5" Semester University Exam faper Navot i Sab i~ Aditira 1 flor Con, 4196-00. ew-2606 2 Hour) Total Maria : 60 1N.. : All questions are compulsory. 1. Comment on the following with reference to the Chartered Accoutants Act, 1949 ‘amondedby the Chartered Accountants (Amendment) Act, 2008 and schedules thereto: (@) APracticing Chartared Accountant who also has alawdegroeand.a MBA trom 4 ’2 foreign University uses a visiting card in which he dsignates himself as FCA ‘long with his ther dagrees. Comment. (b) Wil Mr. Ma Chartered Accountants in full imo practice be allowed to enter 4 into a partnership with Mrs. D an advocate and they agree to share fees for work sont by one tothe other ? Wil your answer change if both of them get togethor to sell insurance policies ? (6) MP a Chartered Accountant isin fll ime practice since the past 15 years 4 ‘antaredinto a partnership with Mr to sell mobile phones. Will Mr. P be allowed to-do so? Wil your answer change I Mr. P isin part time practice or is in practice for less than $ years ? (8) WCP & Co, a fm of Chartered Accountants, accepted an assignment for 3 Statutory audi, without any prior communication with the previous auctor. oR Biitly discuss = : (@) Verification of Re-nsurance Business of an insurance Company. ° (©) Role of SEBI with regards to listed companies. 5 (6) How do the provisions of the Companias Act ensure independence of an 5 auditor ? AB. (a) Audit Committees play a crucial role in corporate governance. Justify with reasons. 8 oR _J8) An Ausior can not comment on the uth and correctness of accounts audited by @ him but ean comment upon ther true and faimess ~ Explain 2») What is Cost Audit, Internal Aucit and interim Audit ? 7 on (©) Dra a dead Aut Plan for Veeton of in plé ard payables by en 7 insurance Company. 3. J) When does an Autor issue a Qualified Audt Report and how ist ferent then 8 ‘4 n0 opinion report? ‘OR (@) Draft a dotaied Aust Plan for Verifeation of the Advances portoto in banks. {@) We can appoint Audtor under Companies Act, 1856 and under wl cncunstances? on _f0) Wat are the qualifications, disquaiiations, rights and duties ofa 7 cof a company ? 4, Write short notes on any three ofthe following == marke (a) Long Form Aust Reports in banks ach (b) Verfteation of agents commission paid by an insurance Company {@) Gonerally accepied Austin Practices {@) Importance of Management Representation Letter {@) Aucit Report vis Conticate awe